Financial Performance - The company's operating revenue for 2019 was RMB 4,567,036,826.79, representing an increase of 11.45% compared to RMB 4,097,768,630.15 in 2018[21]. - The net profit attributable to shareholders of the listed company was RMB 439,925,290.21, a significant increase of 50.45% from RMB 292,406,837.49 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 418,863,999.44, reflecting a growth of 56.64% compared to RMB 267,412,582.25 in 2018[21]. - The net cash flow from operating activities was CNY 455.64 million, a decrease of CNY 320.65 million compared to the previous year[24]. - The net assets attributable to shareholders increased by 18.42% year-on-year, reaching CNY 3.83 billion[24]. - Total assets grew by 33.31% year-on-year, amounting to CNY 7.38 billion[24]. - Basic earnings per share rose by 46.94% to CNY 0.49, while diluted earnings per share also increased by the same percentage[24]. - Operating profit reached 504.50 million RMB, reflecting a growth of 52.07% compared to the previous year[78]. - The company's revenue reached 4,567.04 million RMB, reflecting an 11.45% year-on-year growth, while the net profit attributable to shareholders increased by 56.64% to 418.86 million RMB[67]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 4.00 per 10 shares, totaling RMB 244,800,000.00 to all shareholders[6]. - The company distributed cash dividends of RMB 1.00 per share in 2018 and RMB 4.00 per share in 2019, totaling RMB 61.2 million and RMB 244.8 million respectively, reflecting a net profit distribution ratio of 55.65% for 2019[158][159]. Market Position and Product Development - The company has a market share exceeding 40% in the domestic high-performance paper market, particularly in the tobacco industry[36]. - The company is actively promoting the development of new materials and new energy industries alongside its core business of specialty paper[35]. - The annual sales volume of the company's products is approximately 250,000 tons, demonstrating strong market leadership in the mid-to-high-end market[36]. - The company has a production capacity of over 820,000 tons of specialty paper and paper products, covering nine major series and more than 60 varieties[52]. - The domestic market share of low-grammage publishing printing paper exceeds 80%, with products being designated by major domestic and international publishers[40]. - The company has established three paper-making bases in China, with 43 modern paper production lines, one pulp production line, and 21 coating production lines[45]. - The company is actively expanding the production scale of label release paper, which has seen a sustained annual growth rate of around 7% due to the rapid development of the high-end retail and e-commerce sectors[40]. - The company focuses on providing high-performance functional paper-based new material solutions, adhering to a "production + service" business model[43]. - The specialty paper industry in China has significant growth potential, with per capita consumption still below that of developed countries like North America and Europe[47]. - The company holds over 40% market share in tobacco paper products, over 20% in thermal paper, and over 80% in low-grammage publishing paper, establishing itself as a leader in multiple segments[53]. Research and Development - The company’s R&D expenditure in 2019 was 105.97 million RMB, a 20.17% increase from the previous year, emphasizing its commitment to innovation[58]. - Research and development investment totaled 105.97 million RMB, an increase of 20.17% from the previous year, with 236 R&D personnel[73]. - The company launched six new products, which successfully passed provincial-level new product identification[73]. - The company plans to enhance product structure and increase R&D for new products, focusing on green and environmentally friendly products[110]. - The company will focus on market-oriented research and development of new paper-based functional materials to expand market share and meet emerging demands[140]. Environmental and Safety Commitments - The company invested over 330 million RMB in environmental protection and over 1.06 billion RMB in energy-saving initiatives, achieving significant results in waste and emissions management[59]. - The company has committed to enhancing safety and environmental standards, aiming to establish a green manufacturing system and fulfill responsibilities as a "green factory"[146]. - The company is committed to strictly fulfilling the public commitments disclosed in the prospectus and has proposed new commitments and constraints if unable to fulfill existing ones due to non-force majeure reasons[182]. Risks and Challenges - The company faces risks from the COVID-19 pandemic, which has led to delayed resumption of work and potential impacts on production and market demand due to economic slowdown[146][147]. - The company anticipates increased market competition in 2020 due to the introduction of new production capacities across various industries, which may affect its operations[150]. - The company is exposed to raw material price volatility, particularly for imported pulp, and plans to enhance market analysis and procurement strategies to mitigate risks[151]. - The company acknowledges the risk of policy changes affecting its operations, including environmental regulations and tax policies, which could introduce uncertainties in future business activities[152]. - The company is implementing multiple projects simultaneously, which may face delays due to regulatory approvals and supplier performance, impacting project timelines[154]. Shareholder Commitments and Regulations - The actual controller and shareholders have made commitments regarding share transfer and management, ensuring no transfer or repurchase of shares within a specified period[165]. - The company guarantees that any share reduction will not exceed 10% of the total shares held annually for two years after the lock-up period[167]. - The company will notify and announce any planned share reductions three trading days in advance[168]. - The company commits to comply with relevant regulations regarding share reductions and will ensure that any transferee adheres to these regulations[169]. - The company has outlined specific conditions under which share reductions will not occur, including during investigations or legal proceedings[167]. Strategic Initiatives - The company is actively seeking international collaborations, such as its joint venture with Tann Group, to expand its market presence and enhance competitiveness[133]. - The company plans to accelerate project construction to establish a solid foundation for its "14th Five-Year Plan" development, with multiple production lines expected to be operational in 2020[139]. - The company will leverage its "Xianhe Research Institute" to provide customized, high-quality solutions, ensuring sustained industry leadership and maximizing market share[141]. - The company will enhance its "smart manufacturing" platform by implementing MES, aiming for comprehensive data management and integration into daily operations, contributing to the "Made in China 2025" initiative[142].

仙鹤股份有限公司 接待机构投资者调研活动会议纪要 一、机构调研情况 调研时间：2019年11月12日 调研地点：公司五楼会议室（衢江区天湖南路69号） 调研形式：现场接待 来访机构：西藏东方财富证券 邓娟、杨昀丰、唐靖、裴涛、姜天宇、刘飞 萤、程晓蕾和孙翠华；天风证券 范张翔；申万宏源证券 柴程森；东方证券 吴 瑾；海通证券 赵洋。 公司接待人员：王敏良、王敏岚、王昱哲、叶青等。 二、调研行程安排 2019年11月12日上午参观公司本次可转债募投项目——常山生产基地，实地 察看募投项目的建设情况和智能化特种纸生产线的现场。 下午进行现场交流。 三、调研会议纪要 （一）公司概况介绍环节： 会议开始，由公司董事会秘书王昱哲先生向与会者介绍了公司目前的发展概 况。公司自2001年创办以来，到如今已成为国内特种纸行业内门类最全、品种最 多、规模最大的企业之一。公司及其合营公司和控股子公司拥有特种纸及纸制品 的年生产能力已经超72万吨，产品涉及烟草行业用纸、家居装饰用纸、商务交流 及防伪用纸、食品与医疗包装用纸、标签离型用纸、电气及工业用纸、热转印用 纸、低定量出版印刷用纸、特种浆及其他等九大系列产品。公司及其子公司现 ...

证券代码：603733 证券简称：仙鹤股份 公告编号：2019-029 仙鹤股份有限公司 关于参加浙江辖区上市公司 投资者网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为进一步加强与投资者的沟通交流，仙鹤股份有限公司（以下简称"公司"）将参加 由浙江证监局指导、浙江上市公司协会与深圳市全景网络有限公司共同举办的"沟通促发 展 理性共成长"辖区上市公司投资者网上集体接待日活动（以下简称"本次活动"），现 将有关事项公告如下： 本次活动将通过深圳市全景网络有限公司提供的网上平台，采取网络远程方式举行。 投资者可登录"全景·路演天下"（http://rs.p5w.net），参与本次投资者集体接待日活 动，网上互动交流时间为 2019 年 11 月 5 日（星期二）下午 15:30 至 17:00。届时公 司将通过网络在线交流形式与投资者就公司治理、发展战略、经营状况、可持续发展等投 资者关心的问题进行沟通。欢迎广大投资者积极参与。 特此公告。 仙鹤股份有限公司董事会 2019 年 11 月 02 日 ...

2019 年第三季度报告 公司代码：603733 公司简称：仙鹤股份 仙鹤股份有限公司 2019 年第三季度报告 中国▪衢州 二〇一九年十月 1 / 30 2019 年第三季度报告 | --- | --- | --- | |-------|---------------|-------| | | | | | | 目录 | | | 一、 | 重要提示 | | | 二、 | 公司基本情况. | | | ii i | 重要事项 | | | 四、 | 附录 | | 2 / 30 2019 年第三季度报告 单位：元 币种：人民币 3 / 30 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人王敏良、主管会计工作负责人王敏岚及会计机构负责人（会计主管人员）叶小琴 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- ...

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 2,102,844,081.78, representing an increase of 11.63% compared to CNY 1,883,742,473.85 in the same period last year[22]. - The net profit attributable to shareholders of the listed company decreased by 25.09% to CNY 130,755,840.48 from CNY 174,560,730.68 in the previous year[22]. - The basic earnings per share for the first half of 2019 was CNY 0.21, down 32.26% from CNY 0.31 in the same period last year[23]. - The weighted average return on net assets decreased to 3.99%, down 2.49 percentage points from 6.48% in the previous year[23]. - The company's net profit attributable to ordinary shareholders decreased by 23.24% to 130.66 million yuan, after deducting non-recurring gains and losses[59]. - The total comprehensive income attributable to the parent company was CNY 123,039,426.28, compared to CNY 174,560,730.68 in the previous year, showing a decline of about 29.5%[192]. Cash Flow - The net cash flow from operating activities was CNY 267,335,349.24, a significant improvement from a negative cash flow of CNY -157,622,352.42 in the same period last year[22]. - The cash flow from operating activities was CNY 1,876,310,085.20 for the first half of 2019, compared to CNY 1,440,081,874.20 in the same period of 2018, reflecting an increase of approximately 30.3%[194]. - The net cash flow generated from operating activities reached $267,335,349.24, a significant recovery from a negative cash flow of $157,622,352.42 previously[199]. Market Position and Operations - The company is a leading player in the domestic specialty paper industry, focusing on the research, production, and sales of specialty paper and pulp, with a market share exceeding 40% in tobacco paper products[32]. - The company operates 39 modern paper production lines, 1 pulp production line, and 21 coating production lines, enhancing its market competitiveness and innovation capabilities[37]. - The specialty paper production in China has shown a stable growth trend, with an average annual growth rate of 8.87% from 2009 to 2018, indicating significant future development potential[39]. - The domestic specialty paper market is projected to grow at a compound annual growth rate of 5.20% from 2017 to 2027, reflecting robust demand[39]. Investment and R&D - Research and development expenses reached RMB 34.63 million, with 236 R&D personnel, indicating a continuous improvement in the company's innovation capabilities[64]. - The company invested in a 220,000-ton high-end specialty paper project, which has entered the equipment procurement and construction phase[60]. - The company plans to raise up to RMB 1.25 billion through a convertible bond issuance to fund the high-end paper project, which has been accepted by the China Securities Regulatory Commission[61]. Environmental Compliance - The company has invested in advanced environmental protection systems, achieving compliance with waste and emissions standards[50]. - The company has five wastewater treatment plants with a total designed capacity of 48,500 m³/d, ensuring compliance with national discharge standards[138]. - The company emphasizes environmental protection and has invested in pollution prevention facilities across its production bases[138]. - The company maintained zero major environmental pollution incidents during the reporting period, adhering to environmental regulations[65]. Shareholder and Corporate Governance - The company held its annual shareholder meeting on April 30, 2019, with no resolutions being rejected[90]. - The company committed to not transferring or entrusting the management of its shares for 36 months post-IPO, ensuring shareholder rights are protected[93]. - The company has established a network voting system to protect the rights of minority shareholders during the shareholder meeting[91]. - The company appointed Zhonghui Certified Public Accountants as the financial auditing firm for the fiscal year 2019, which was approved at the 2018 annual shareholders' meeting[113]. Social Responsibility - The company plans to assist 300 impoverished individuals in Henan Province through technical training and employment arrangements from 2019 to 2020[124]. - The company has helped 416 registered impoverished individuals to escape poverty through its poverty alleviation initiatives[126]. - The company plans to donate RMB 800,000 to assist impoverished college students in Henan Province by the end of the year[128].

仙鹤股份有限公司 接待机构投资者调研活动会议纪要 一、机构调研情况 调研时间：2019年6月4日 调研地点：公司六楼会议室（衢江区天湖南路69号） 调研形式：现场接待 来访机构：东北证券、川石投资、申银万国、汇丰晋信基金、中青国融、浙商产 融资产、华泰证券、浙农控股、开元金鼎投资、银河证券、明溪资产管理、东兴证券、 海通证券 公司接待人员：董事会秘书 王昱哲、财务总监 王敏岚、证券部主任 叶青 二、调研会议纪要 （一）公司概况介绍环节： 会议开始，由公司董事会秘书王昱哲先生向与会者介绍了公司的发展概况。公司 自2001年创办以来，到如今已成为国内特种纸行业内门类最全、品种最多、规模最大 的企业之一。至2018年底，公司及其合营公司和控股子公司拥有特种纸及纸制品的年 生产能力已经超75万吨，产品涉及烟草行业用纸、家居装饰用纸、商务交流及防伪用 纸、食品与医疗包装用纸、标签离型用纸、电气及工业用纸、热转印用纸、低定量出 版印刷用纸、特种浆及其他等九大系列60多个品种。公司及其子公司现有特种纸机生 产线37条，涂布、超压线20多条，并拥有化工、制浆、能源、原纸及纸制品等全产业 链布局，产业宽度和产业深度布局相对完善 ...

Financial Performance - Operating revenue for the period was CNY 1,013,389,706.02, representing an increase of 28.51% year-on-year[12] - Net profit attributable to shareholders was CNY 35,675,996.89, a decrease of 63.26% compared to the same period last year[12] - Basic earnings per share were CNY 0.06, down 66.67% from CNY 0.18 in the same period last year[12] - Total operating revenue for Q1 2019 was CNY 1,013,389,706.02, an increase of 28.5% compared to CNY 788,581,418.77 in Q1 2018[51] - Net profit for Q1 2019 was CNY 35,644,116.13, a decrease of 63.3% from CNY 97,069,848.85 in Q1 2018[51] - Total comprehensive income for the first quarter was CNY 33,162,130.51, compared to CNY 68,342,686.34 in the same quarter of the previous year[58] Cash Flow - The net cash flow from operating activities was CNY 27,763,434.82, a significant recovery from a negative cash flow of CNY -75,308,275.42 in the previous year[12] - Cash inflow from operating activities reached CNY 662,926,123.64, a 28.2% increase from CNY 517,026,664.93 in the same period last year[64] - Net cash flow from operating activities was CNY 158,385,291.57, compared to CNY 71,149,346.50 in the first quarter of 2018, representing a 122.3% increase[64] - Cash outflow from investment activities totaled CNY 422,612,227.44, significantly higher than CNY 160,483,757.00 in the previous year[64] - Net cash flow from investment activities was negative CNY 237,065,237.98, worsening from negative CNY 103,789,076.44 year-over-year[64] - Cash inflow from financing activities amounted to CNY 461,260,829.25, up from CNY 424,383,909.28 in the same quarter last year[67] - Net cash flow from financing activities increased to CNY 66,528,274.73, compared to CNY 31,391,253.71 in the first quarter of 2018, marking a 112.2% rise[67] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,403,601,651.97, a decrease of 2.37% compared to the end of the previous year[12] - Current liabilities decreased from ¥2,022,961,909.79 to ¥1,858,308,207.16, a reduction of about 8.12%[41] - Non-current assets increased from ¥3,025,668,292.29 to ¥3,118,272,974.72, an increase of approximately 3.06%[41] - Total liabilities decreased from ¥2,297,326,898.47 to ¥2,127,349,229.77, a decline of about 7.39%[41] - Total equity increased to CNY 3,192,883,018.68 from CNY 3,156,414,953.27 in the previous period[51] Shareholder Information - The total number of shareholders at the end of the reporting period was 29,600[16] - Shareholders' equity increased from ¥3,237,302,371.17 to ¥3,276,252,422.20, an increase of approximately 1.20%[41] Expenses - The gross profit margin decreased by approximately 10.42% due to rising prices of key raw materials such as wood pulp and titanium dioxide[15] - The company's financial expenses increased by 128.14%, reaching ¥15,056,228.95, primarily due to rising material costs and reduced exchange gains[26] - Research and development expenses for Q1 2019 were CNY 13,736,431.03, down from CNY 16,101,460.45 in Q1 2018[51] - The company incurred financial expenses of CNY 7,305,389.76, compared to a financial income of CNY 1,294,245.09 in the same period last year[56] Government Support and Other Income - The company received government subsidies amounting to CNY 2,720,384.54, which are closely related to its normal business operations[16] - The company reported a non-operating income of CNY 4,074,865.95, primarily from futures disposal gains related to wood pulp[16]

Financial Performance - The company's operating revenue for 2018 was RMB 4,097,768,630.15, representing a 34.48% increase compared to RMB 3,047,081,822.99 in 2017[28]. - The net profit attributable to shareholders of the listed company decreased by 26.68% to RMB 292,406,837.49 from RMB 398,824,622.65 in the previous year[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 267,412,582.25, down 26.11% from RMB 361,921,100.85 in 2017[28]. - The company achieved operating revenue of RMB 4,097.77 million in 2018, representing a year-on-year growth of 34.48%[33]. - The net profit attributable to shareholders was impacted by rising raw material prices and increased financial expenses, which rose by RMB 64.92 million compared to the previous year[33]. - Basic earnings per share decreased by 32.87% to RMB 0.73, attributed to a decline in net profit and new share issuance[33]. - The company's total assets increased by 14.14% to RMB 5,534.63 million compared to the end of 2017[33]. - The weighted average return on equity decreased by 8.72 percentage points to 18.58%[33]. - The company reported a net profit of RMB 42.18 million in Q4 2018, a significant decline compared to previous quarters[39]. - The net cash flow from operating activities was negative at RMB -320.65 million, primarily due to increased purchases and tax payments[33]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 61,200,000.00[9]. - The company will submit the profit distribution proposal to the 2018 annual general meeting for approval[10]. - In 2018, the company distributed a total cash dividend of RMB 244,800,000.00, representing 83.71% of the net profit attributable to shareholders[175]. - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares, totaling RMB 183,600,000.00 for the 2018 interim profit distribution[173]. - The company has established a stable and continuous dividend distribution policy to ensure consistent returns to investors[173]. Market Position and Product Development - The company is a leading enterprise in the domestic specialty paper industry, with an annual production capacity exceeding 720,000 tons across more than 60 varieties of specialty paper products[61]. - The market share of the company's tobacco paper products exceeds 35%, significantly reducing ink usage and ensuring high cleanliness[46]. - The company holds over 80% market share in the dictionary paper segment, being a key standard setter in this category[48]. - The company is focusing on the development of food packaging paper and medical packaging paper, which are expected to be key growth areas in the future[47]. - The specialty paper market is projected to grow at a compound annual growth rate of 5.2% from 2017 to 2027, indicating significant future potential[55]. - The company has established a diverse product portfolio with over 60 varieties across nine major categories, reducing single product risk[65]. - The company plans to enhance the development of thermal paper, label paper, and food medical paper, optimizing machine capacity allocation for efficient production[155]. Research and Development - The company invested 88.18 million yuan in R&D in 2018, which is a 32.01% increase compared to the previous year[66]. - The total R&D investment accounted for 2.15% of operating revenue, with 245 R&D personnel representing 7.32% of the total workforce[121]. - The company has successfully developed several new products, with 7 provincial-level industrial new products certified and 6 under application[85]. - Investment in new technology development has increased by 30%, focusing on enhancing product features and user experience[185]. Risks and Challenges - The specialty paper industry is facing challenges such as high wood pulp prices and economic downturns, which have temporarily reduced profit margins[58]. - The company recognizes the risk of macroeconomic fluctuations impacting the specialty paper industry, which is closely tied to national economic growth and consumer spending[162]. - The company is exposed to raw material price volatility risks, particularly due to changes in the global pulp market and domestic environmental policies[164]. - The company acknowledges the impact of policy changes on its competitive environment and operational strategies, which may introduce uncertainties in future business activities[167]. - The company faces intensified market competition due to industry consolidation and potential entry of non-specialty paper companies into the specialty paper sector[163]. Financial Management - The company has optimized internal management and implemented advanced digital information management systems to enhance efficiency and reduce costs[89]. - The company's cash flow from operating activities was negative at CNY -320.65 million, reflecting a significant outflow due to rapid business expansion[125]. - Financial expenses surged by 161.25%, increasing from 40,258,389.78 CNY to 105,174,094.95 CNY, primarily due to currency depreciation and rising loan interest rates[120]. - The company’s long-term equity investments at the end of the period amounted to 594,498,711.89[138]. Future Outlook - The company aims to achieve a production target of 500,000 tons and revenue of 4.3 billion yuan in 2019, contingent on market conditions and operational efforts[154]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[185]. - Future guidance includes a focus on sustainability initiatives, aiming for a 50% reduction in carbon footprint by 2025[185]. Compliance and Governance - The company will ensure compliance with legal obligations and take necessary actions within 5 working days if it violates the commitments made[194]. - The company commits to compensating investors for losses caused by false statements or omissions in the prospectus[197]. - The company will not engage in public refinancing if it fails to meet its commitments[200].

Financial Performance - Revenue for the first nine months reached CNY 2,918,882,712.24, a 42.85% increase year-on-year[7] - Net profit attributable to shareholders decreased by 9.65% to CNY 250,222,139.86 compared to the same period last year[7] - Basic and diluted earnings per share fell by 14% to CNY 0.43[8] - Total operating revenue for Q3 2018 reached CNY 2,918,882,712.24, a 42.85% increase compared to CNY 2,043,388,157.53 in the same period last year, primarily due to increased product sales[12] - Operating profit for Q3 2018 was 79,116,503.97 CNY, compared to 99,524,245.28 CNY in Q3 2017, indicating a decrease of around 20.5%[25] - Net profit for Q3 2018 was 75,942,897.43 CNY, down from 93,344,208.37 CNY in the same period last year, reflecting a decrease of about 18.6%[26] - The company reported a total profit of CNY 43,241,762.86 for Q3 2018, down from CNY 93,425,046.74 in the same quarter last year[29] - The net profit for the first nine months of 2018 reached CNY 140,683,608, compared to CNY 262,918,743 in the previous year, indicating a decline of approximately 46.5%[29] Cash Flow - The net cash flow from operating activities showed a significant decline, with a net outflow of CNY 388,808,546.66, worsening by 106.68% year-on-year[7] - Cash flow from operating activities showed a net outflow of CNY -388,808,546.66, a 106.68% decline compared to CNY -188,120,109.82 in the previous year, largely due to increased tax payments and employee compensation[13] - Cash inflow from operating activities for the first nine months was CNY 2,239,586,302, up from CNY 1,627,780,958, representing an increase of about 37.5%[32] - Cash inflow from financing activities increased to CNY 610,584,685.82 from CNY 136,283,823.82, driven by funds raised from new share issuance[13] - Cash inflow from financing activities was CNY 2,733,885,888.88, an increase from CNY 1,891,856,787.83 year-over-year[33] - The net cash flow from financing activities improved to CNY 610,584,685.82, compared to CNY 136,283,823.82 in the previous year[33] - Cash inflow from investing activities totaled CNY 687,779,854.99, compared to CNY 146,938,097.85 in the previous year, showing a significant increase[33] - The net cash flow from investment activities was CNY -141,974,724.03, a decline from CNY 33,131,487.69 in the same period last year[33] Assets and Liabilities - Total assets increased by 18.22% to CNY 5,732,416,740.23 compared to the end of the previous year[7] - Total liabilities rose to ¥2,537,118,187.84 compared to ¥2,503,715,282.70, indicating a slight increase of about 1.3%[19] - Owner's equity increased significantly to ¥3,195,298,552.39 from ¥2,345,084,178.70, reflecting a growth of approximately 36.3%[19] - Cash and cash equivalents increased by 124.17% to CNY 202,916,832.81 due to bank acceptance bills and remaining unused fundraising[11] - Cash and cash equivalents at the end of the period amounted to CNY 202,916,832.81, up from CNY 90,518,613.05 at the beginning of the year[17] - Inventory increased to CNY 1,044,523,344.07, a 58.47% rise from CNY 659,128,309.28, due to higher production and sales volumes[12] Expenses - Operating costs rose to CNY 2,379,186,561.89, reflecting a 43.84% increase from CNY 1,654,034,329.69, driven by higher sales volume and increased raw material costs[12] - Financial expenses surged by 267.03% to CNY 89,510,264.77 from CNY 24,387,893.28, mainly due to rising loan interest rates and increased exchange rate losses[12] - Research and development expenses increased by 40.18% to CNY 67,672,367.85 from CNY 48,276,466.51, attributed to the expansion of R&D projects[12] - The company’s financial expenses increased significantly to 38,701,665.79 CNY in Q3 2018 from 9,164,029.53 CNY in Q3 2017, marking an increase of approximately 322.5%[25] Shareholder Information - The company reported a total of 30,981 shareholders at the end of the reporting period[9] - The company reported a significant increase in total equity attributable to shareholders, which rose to ¥3,193,427,429.33 from ¥2,346,099,389.47, a growth of approximately 36.2%[19]

Financial Performance - The company's operating revenue for the first half of 2018 was RMB 1,883,742,473.85, representing a 52.82% increase compared to RMB 1,232,614,330.16 in the same period last year[20]. - The net profit attributable to shareholders decreased by 4.86% to RMB 174,560,730.68 from RMB 183,472,054.87 in the previous year[21]. - The basic earnings per share for the first half of 2018 was RMB 0.31, down 6.06% from RMB 0.33 in the same period last year[20]. - The weighted average return on net assets decreased to 6.48%, down 2.35 percentage points from 8.83% in the previous year[20]. - Revenue reached RMB 1,883,742,473.85, representing a year-on-year growth of 52.82%, while total profit was RMB 205,579,700, an increase of 1.51%[51]. - The net profit attributable to ordinary shareholders after deducting non-recurring gains and losses was RMB 170,221,800, reflecting a year-on-year increase of 6.87%[42]. - The company reported a significant increase in financial expenses by 233.74% to RMB 50,808,599, primarily due to foreign exchange losses and increased interest expenses[51]. - The company reported a net cash increase of CNY 85,905,758.53 for the period, contrasting with a net decrease of CNY -13,962,685.24 in the previous year[134]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 5,828,617,627.10, a 20.21% increase from RMB 4,848,799,461.40 at the end of the previous year[23]. - The net assets attributable to shareholders increased by 40.72% to RMB 3,301,366,020.15 from RMB 2,346,099,389.47 at the end of the previous year[23]. - Total current assets increased to ¥2,798,918,624.74 from ¥1,836,604,742.75, representing a growth of approximately 52.5%[119]. - Total liabilities increased to ¥2,526,161,972.14 from ¥2,503,715,282.70, marking a rise of approximately 0.9%[120]. - Owner's equity rose to ¥3,302,455,654.96 from ¥2,345,084,178.70, representing an increase of about 40.7%[121]. Cash Flow - The company reported a net cash flow from operating activities of RMB -179,730,352.42, a 14.29% increase in outflow compared to RMB -157,257,355.06 in the same period last year[23]. - Operating cash inflow for the first half of 2018 was CNY 1,447,232,236.42, up from CNY 1,017,407,212.85 in the same period last year, representing an increase of approximately 42.3%[133]. - Total cash inflow from financing activities reached CNY 1,994,431,692.85, up from CNY 1,309,533,379.62, marking an increase of approximately 52.3%[134]. - The ending balance of cash and cash equivalents was CNY 135,871,141.93, up from CNY 30,501,231.55 at the end of the previous period[134]. Market Position and Strategy - The company is a leading enterprise in the domestic specialty paper industry, with an annual production capacity exceeding 700,000 tons across more than 60 varieties of specialty paper products[32]. - The company holds over 30% market share in tobacco paper and over 70% market share in Bible paper, indicating significant competitive positioning in these segments[33]. - The company is investing in a new 190,000-ton high-end specialty paper project, further enhancing its production capacity and technological advancement[45]. - The company aims to enhance market competitiveness through new material research and development[62]. - The company plans to expand its market presence and invest in new product development to drive future growth[120]. Research and Development - The company has a strong R&D capability with 8 invention patents and 18 utility model patents, contributing to its technological innovation advantage[35]. - Research and development expenses increased by 35.75% to RMB 35,745,041.17, driven by new product trials and project expansions[51]. - The company developed 17 new provincial industrial products and filed for 11 new invention patents during the reporting period[47]. Environmental Commitment - The company has invested in various environmental protection systems, positioning itself as a "green enterprise" and receiving recognition as a leading enterprise in transformation in Zhejiang Province[39]. - The company reported zero major environmental pollution incidents during the reporting period, with all major pollutants discharged within national standards[90]. - The company has established an emergency response plan for sudden environmental pollution incidents, ensuring rapid and effective response to minimize public and environmental impact[96]. - The company has committed to increasing investments in energy conservation and emission reduction to comply with environmental regulations[62]. Corporate Governance and Compliance - The company has a structured governance framework, including a board of directors and several specialized committees to oversee its operations[151]. - The integrity status of the company and its controlling shareholders is good, with no overdue large debts or unfulfilled commitments[77]. - The company has committed to fulfilling its responsibilities diligently and protecting the legitimate rights and interests of shareholders[75]. - The company has maintained compliance with the accounting standards, ensuring the accuracy and completeness of its financial reporting[156]. Shareholder Relations - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares, totaling RMB 183,600,000.00[4]. - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of listing[68]. - The company will ensure that any share reductions after the lock-up period will not be below the issue price[68]. - The company will publicly apologize to shareholders and investors if it fails to meet its commitments, and will not engage in public refinancing during this period[72]. Social Responsibility - The company plans to assist 300 impoverished individuals in Henan Province through technical training, employment arrangements, and direct assistance from 2018 to 2019[83]. - The company has invested ¥235.95 million in poverty alleviation projects, helping 201 registered impoverished individuals to escape poverty[87]. - The company received the title of "Star Enterprise in Poverty Alleviation Donations" from the People's Government of Nanyang City in 2018[84].